End-of-Day Market Summary for November 10, 2011
This is your Benzinga news summary and traders' summary for Thursday, November 10, 2011, covering headlines from Thursday's trading session.
Today at market close, the Dow Jones Index traded up about 112.92 points or 0.96%, the S&P 500 traded 0.86% higher, the Nasdaq Composite Index traded up 0.13%, and the U.S. dollar trades slightly lower near the $77.87 level.
Earlier today, Global Hunter upgraded Zhongpin (NASDAQ: HOGS) to Neutral and JP Morgan upgraded Ashland (NYSE: ASH) to Overweight. View all of today's upgrades here.
Deutsche Bank downgraded Wendy's (NYSE: WEN) to Hold and Credit Suisse downgraded Advance Auto Parts (NYSE: AAP) to Neutral. View all of today's downgrades here.
Overseas, European markets ended their trading session mixed. Britain's FTSE 100 lost 0.28%, Germany's DAX increased by 0.66% and France's CAC 40 slid by 0.34% on the session. Asian stocks ended their session lower. China's Shanghai Index lost 1.8%, Japan's Nikkei 225 decreased by 2.91%, and the Hang Seng index slid by 5.25%.
On the economic calendar, the Import Price Index came in at -0.6% versus an estimate of 0%; the Trade Balance came in at -$43.1 billion versus an estimate of -$46 billion; Initial Jobless Claims came in at 390K versus an estimate of 400K; the Monthly Budget Statement came in at -$98.5 billion versus an estimate of -$102.5 billion. On the commodity front, gold and silver futures traded mixed today, with gold trading about 0.05% higher today. Energy futures are mixed as well, with crude oil up over 2.1% near the $97.80 level and gasoline futures are trading lower by about 0.5%. Natural Gas futures are lower by about 0.2% and copper futures are trading over 0.2% lower.
On the earnings front this afternoon, Walt Disney Co. (NYSE: DIS) Reports Q4 EPS $0.59 vs $0.54 Est; Revenues $10.42B vs $10.36B Est; Molycorp, Inc. (NYSE: MCP) Reports Q3 EPS $0.67 vs $0.70 Est; Revenues $138.10M vs $161.57M Est; Nordstrom Inc. (NYSE: JWN) Reports Q3 EPS $0.59 vs $0.58 Est; Revenues $2.48B vs $2.37B Est; Cogo Group, Inc. (NASDAQ: COGO) Reports Q3 EPS $0.16 vs $0.15 Est; Revenues $146.40M vs $137.89M Est.
In corporate news, Stryker Corp (NYSE: SYK) announced that it will be cutting its global workforce by 5% by the end of 2012. The restructuring activities are estimated to save $100 million starting in 2013.
Eastman Kodak (NYSE: EK) announced that it has renewed a contract with Discount Drug Mart, a discount store based in Ohio. The contract comes at a time when Eastman Kodak is floundering for money.
E*Trade Financial (NASDAQ: ETFC) announced that it has completed its review of strategic alternatives. The company will continue to execute its current business strategy plans.
Today's movers include:
EnerSys (NYSE: ENS) +19.1% after issuing positive 2012 guidance
Frontline (NYSE: FRO) +17.7% after announcing key contracts gained
TransAtlantic Petroleum (NYSE: TAT) +19.6% as the energy sector rallied significantly versus other sectors
Green Mountain Coffee Roasters (NASDAQ: GMCR) -39.9% after reporting poor earnings
Tanzanian Royalty Exploration (NYSE: TRX) -33.6% on news that a major investor liquidated his holdings
Quad/Graphics (NYSE: QUAD) -25.1% after lowering 2011 guidance
This concludes your news summary for November 10, 2011.
